Which of the following is a current asset item?
Goodwill
Overdraft
Preliminary expenses
Prepayments
Outstanding expense
Correct answer is D
No explanation has been provided for this answer.
Where there is no partnership agreement, any contribution in excess of the agree capital attracts
No interest at all
Interest at the rate of 2 and half% per annum
Interest at the rate 5% per anuum
Interest at all
Interest at the per annum
Correct answer is C
No explanation has been provided for this answer.
Buying in large quantity
Prompt settlement of account
Being a regular customer
Introducing other customers
Sales returns
Correct answer is B
No explanation has been provided for this answer.
Debit cash account N5,200, credit suspense account N5,200
Credit cash account N5,200, debit suspense account N5,200
Debit cash account N2,600, credit suspense account N2,600
Credit cash account N2,600, debit suspense account N2,600
Credit cash account N2,600, debit bank account N2,600
Correct answer is D
No explanation has been provided for this answer.
Where a proprietor withdraws cash from bank for office use, the entries would be
Credit cash account, debit bank account
Debit cash account, credit bank account
Debit officer account, credit bank account
Debit drawings account, credit bank account
Debit bank account, credit drawings account
Correct answer is B
No explanation has been provided for this answer.